This assessment comprises writing a comprehensive business research report on decision analysis issues that are relevant to the UAE context. You have been asked to gain insights into decision analysis techniques to help your organization prosper.
1. Appraise Descriptive, Predictive, and Prescriptive analytics techniques. Critically analyze how you can apply these techniques to help your organization develop innovative solutions and proposals to solve highly complex— Provide a relevant literature review to substantiate your justification. CLO1 [5 marks], CLO4 [10 marks]
2. Your organization has adopted a new data management system. Develop a cause-and-effect diagram (fishbone diagram) to evaluate potential risks your organization might face concerning incomplete data, data security, and ethics. Discuss in detail and propose possible solutions to overcome the risks. Provide a relevant literature review to substantiate your justification. CLO4 [15 marks]
3. Your organization is considering a new short-term investment. You are required to perform decision analysis to assist your finance department in determining the best investment for your organization. Based on the payoff table below, construct the optimal solution using Maximax (Optimistic), Minimax Regret, and Decision Tree strategies. Evaluate the results and justify your answer. CLO3 [10 marks]
State of Nature Probability 0.6 0.3 0.1 Decision Alternatives Rates Fall Rates Stable Rates Rise Mutual Funds $40,100 $46,400 $61,100 Cryptocurrency $46,700 $51,000 $56,900 Commodities $54,600 $54,600 $54,600
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